Large range with phases labelled. Local and undeniable volume spike seen on huge spring down with testing visible. This confirms that we are in accumulation which confluences with the latest OPEC fundamentals that will drive price up.
Phase A: Rise in volume with price action suggests that we are entering a non-trending environment while we consolidate. Phase B: Cause is being built and volume reduces somewhat. Phase C: Local volume spike with massive move down that is then tests confirms that this is accumulation and not distribution. Enter on Phase D test after spring. Phase D: Lows are tested to see if supply is absorbed. I entered here a while ago not realising I was in a much bigger Wyckoff trade also in the same direction #inception. Phase E: Markup begins. Reaccumulation within markup channel possible. Leaving and retesting of channel also possible on the way to TP and maybe at the end of the trend too.
I anticipate the markup channel expanding as time unfolds. I will be buying dips as we travel upwards. Updates will be posted.
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That chart starts where I entered at $48.20.
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Error on chart for some reason - TP is $54 not $66.
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I have TP'ed now based on revised point and figure calculations.
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This has been done to be safe. Price may still reach $52-54 range because we are not our of the markup channel as of yet.
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watter11
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your going long on this for howlong... 2 or 3 weeks ?
It depends on market behaviour and what it shows. If it goes straight to the 52-54 range I will TP. It may dip from there and then shoot up in the long term. If I scale myself in or TP I will post here.
COT reports on WTI and canadian dollar suggest that both are going up in the much longer term.
watter11
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tp at 54 ? you know any other points to enter ? like bullish points ?